Daily Technical Strategy On Currencies by FXTechstrategy

EURUSD: With EUR taking back all of its intra day gains to close lower on Monday, further weakness is now envisaged. Despite its current price hesitation, its broader outlook remains lower as long as it holds below the 1.1288/1.1318 zone. On the downside, support lies at the 1.1100 level where a violation will aim at the 1.1050 level. A break of here will turn risk to the 1.1000 level with a move below that level targeting the 1.0950 level. Its daily RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance is seen at 1.1250 level with a cut through here opening the door for more upside towards the 1.1300 level. Further up, resistance lies at the 1.1350 level where a break will expose the 1.1400 level. All in all, EUR remains biased to the downside towards its key support.

AUDUSD: The pair rallied strongly on Tuesday leaving risk of more strength on the cards. This is coming on the back of its recent corrective recovery offensive triggered from the 0.6936 level, its Sept 29 2015 low. On the downside, support resides at the 0.7100 level where a breach will aim at the 0.7050 level. Below that level will set the stage for a run at the 0.7000 level with a cut through here targeting further downside towards the 0.6950 level. On the upside, resistance lies at the 0.7200 level. A cut through here will turn attention to the 0.7250 level and then the 0.7300 level where a violation will set the stage for a retarget of the 0.7350 level. On the whole, AUDUSD continues to retain its short term corrective recovery tone set from the 0.6936 level.

GBPUSD: GBP extended its recovery during Wednesday trading session leaving risk of more strength to occur. However, watch out for its overhead resistance located at the 1.5336 zone. This level is significant on the weekly chart. Price hesitation ahead or at that level cannot be ruled out. The pair current bullish price action leaves risk higher towards the 1.5350 level. Further out, resistance resides at the 1.5400 level followed by the 1.5450 level. Its daily RSI is bullish and pointing higher supporting this view. Conversely, support comes in at the 1.5250 level. A break of here will turn attention to the 1.5200 level. Further down, support lies at the 1.5150 level. Below here will set the stage for more weakness towards the 1.5100 level. On the whole, GBP faces the risk of further upside on correction.

GBPJPY: The cross now faces further weakness after turning lower ahead of its key overhead resistance at 184.42 level during Thursday trading session. Our bias remains lower as long as that level remains unbroken. On the downside, support comes in at the 182.50 level where a violation will aim at the 182.00 level. A break below here will target the 181.00 level followed by the 180.00 level. Its daily RSI is turning lower supporting this view. Conversely, resistance is seen at the 184.00 level followed by the 185.00 level. A cut through will set the stage for a move further higher towards the 186.00 level where a break will aim at the 187.00 level. A cut through here will aim at the 188.00 level. All in all, the cross remains biased to the downside nearer term on pullback.

EURUSD: EUR rallied strongly during Friday trading session leaving risk on further upside. It faces a bigger overhead resistance standing at the 1.1433 level, representing its September 18 2015 high. However, immediate resistance resides at the 1.1400 level. On the upside, resistance is seen at 1.1450 level with a cut through here opening the door for more upside towards the 1.1500 level. Further up, resistance lies at the 1.1550 level where a break will expose the 1.1600 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support lies at the 1.1300 level where a violation will aim at the 1.1250 level. A break of here will turn risk to the 1.1200 level with a move below that level targeting the 1.1050 level. All in all, EUR remains biased to the upside with eyes on key overhead resistance

USDCHF: The pair saw a follow-through lower the past week on the back of its previous week losses. This development leaves it weak and vulnerable to the downside in the new week. On further weakness its key support located at the 0.9527 level will be targeted. A move below that level will call for more downside pressure towards the 0.9459 level. Further down, support comes in at the 0.9400 level and then the 0.9350 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. On the upside, resistance lies at the 0.9650 level with a breach targeting the 0.9700 level. A breather may occur here and turn the pair lower. But if taken out, expect a push further higher towards the 0.9800 level. All in all, the pair remains biased to the downside in the short term with eyes on the 0.9527 support level.

EURUSD: Having EUR closed strongly higher the past week, it now looks to extend that strength towards its key support zone at 1.1459. We may see price hesitation at this level or even a pullback. Support lies at the 1.1300 level where a violation will aim at the 1.1250 level. A break of here will aim at the 1.1000 level with a turn below that level targeting the 1.1250 level. Conversely, resistance is seen at 1.1400 level with a cut through here opening the door for more upside towards the 1.1459 level. Further up, resistance lies at the 1.1500 level where a break will expose the 1.1550 level. Its weekly RSI is bullish and pointing higher suggesting further upside pressure. All in all, EUR remains biased to the upside on recovery but should turn lower at or ahead of the 1.1459 level on price failure.

AUDUSD: AUDUSD closed strongly higher the past week leaving risk of further strength in the new week. While it can trade and hold above its broken resistance turned support at 0.7279 level, we think more gain should occur. On the upside, resistance lies at the 0.7400 level. A cut through here will turn attention to the 0.7450 level and then the 0.7500 level where a violation will set the stage for a retarget of the 0.7550 level. On the downside, support resides at the 0.7300 level where a breach will aim at the 0.7250 level. Below that level will set the stage for a run at the 0.7200 level with a cut through here targeting further downside towards the 0.7150 level. On the whole, AUDUSD continues to retain its short term upside pressure.

EURJPY: The cross may remain biased to the upside following its recent strength but it was seen backing off ahead of its key overhead resistance zone at the at 137.44/04 region during the Monday trading session. If this price action continues it could see EURJPY targeting further downside pressure towards its psycho level at 136.00 level. Below here will turn attention to the 135.50 level where a break will aim at the 135.o0 level. A turn below here will target the 134.50 level with a breach turning focus to the 134.00 level. On the other hand, resistance lies at the 137.00 level. Further out, resistance comes in at the 137.50 level where a break if seen will threaten further upside towards the 138.00. A violation of that level shifting interest to the 138.50 level. All in all, the cross now faces downside pressure on price pullback as long as the 137.04/44 zone remains unbroken

GBPJPY: With the cross printing back to back long-tailed candles on Friday and Monday to trigger bear pressure during early Asia session, we look for weakness to occur. The cross to target its Oct 07 2015 low at 182.49 level. On upside, resistance is seen at the 184.00 level followed by the 185.00 level. A cut through will set the stage for a move further higher towards the 186.00 level where a break will aim at the 187.00 level. A cut through here will aim at the 188.00 level. On the other hand, support comes in at the 183.00 level where a violation will aim at the 182.00 level. A break below here will target the 181.00 level followed by the 180.00 level. Its daily RSI is bearish and pointing lower suggesting further weakness. All in all, the cross remains biased to the downside on price weakness

EURUSD: With EUR continuing to trade below the 1.1396 level and its major resistance at the 1.1459 zone, our bias remains to the downside. This suggest its upside risk is now limited while maintaining below the 1.1459 level and downside threat remains the immediate bias. On the downside, support lies at the 1.1300 level where a violation will aim at the 1.1250 level. A break of here will turn risk to the 1.1200 level with a move below that level targeting the 1.1150 level. On the upside, resistance is seen at 1.1400 level with a cut through here opening the door for more upside towards the 1.1450 level. Further up, resistance lies at the 1.1500 level where a break will expose the 1.1550 level. All in all, EUR remains biased to the downside below its key resistance

GBPUSD: GBP has revered its Tuesday losses and looks to resume its short term uptrend. On continued upside offensive it should target its nearby resistance at the 1.5400 level. On the upside, resistance resides at the 1.5450 level. Further out, resistance resides at the 1.5500 level followed by the 1.5550 level. A cut through here should open the door for more strength towards the 1.5600 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support comes in at the 1.5300 level with a break of here turning attention to the 1.5250 level. Further down, support lies at the 1.5200 level. Below here will set the stage for more weakness towards the 1.5150 level. On the whole, GBP faces the risk of further upside and possible short term trend resumption

GOLD: With GOLD extending its strength above the 1170.03 level on Wednesday, further bullish offensive is envisaged. The commodity must continue to trade and hold above its broken resistance turned support at 1170.03 to create scope for more strength. On the downside, support comes in at the 1165.00 level where a break will aim at the 1150.00 level. A cut through here will open the door for move lower towards the 1130.00 level. Below here if seen could trigger further downside pressure towards the 1115.00 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, resistance resides at the 1200.00 level where a break will aim at the 1215.00 level. A turn above there will expose the 1230.00 level. A violation of here will turn attention to the 1245.00 level. All in all, GOLD remains biased to the upside above key support at 1170.03 level

USDJPY: USDJPY lost its downside momentum to close higher on a long-tailed candle on Thursday. This development leaves risk higher with a possible run at the 119.50 level. Above here will clear the way for more strength build up towards the 120.00 level with a break targeting the 120.50 level. Further out, resistance comes in at the 121.00 level where a violation will turn focus to the 121.50 level. Its daily RSI is bullish and pointing higher suggesting further strength. On the downside, support comes in at the 118.50 level where a break will target the 118.00 level. Below here if seen will aim at the 117.50 level followed by the 117.00 level. On the whole, USDJPY remains exposed to the upside having failed to extend its weakness on Thursday.

USDCHF: The pair extended its weakness for a third week in a row the past week following its loss of upside momentum at the 0.9845 level in Sept 2015. This leaves room for more weakness with eyes on its nearby support located at the 0.9527 level. This level is key to further weakness as USDCHF must break and hold below that level to extend its short term weakness. On the downside, support comes in at the 0.9450 level. A turn below here will open the door for more weakness to occur towards the 0.9400 level and then the 0.9350 level. A cut through here will open the door for additional decline towards the 0.9300 level. On the upside, resistance lies at the 0.9600 level with a breach targeting the 0.9650 level. A breather may occur here and turn the pair lower. But if taken out, expect a push further higher towards the 0.9700 level. All in all, the pair remains vulnerable to the downside in the short term

EURJPY: The cross took back most its previous week gains to close lower on Friday. This development leaves it vulnerable to the downside in the days ahead. While holding below the 136.96/137.44 zone,its key overhead resistance, risk remains lower. Support comes in at the 135.00 level where a break will aim at the 134.50 level. A turn below here will target the 134.00 level with a breach turning focus to the 133.50 level. Its weekly RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance lies at the 136.00 level. Further out, resistance comes in at the 136.50 level where a break if seen will threaten further upside towards the 137.00. Further out, resistance resides at the 137.50 level. All in all, the cross now faces downside pressure.

EURUSD: Having EUR closed slightly lower the past week on a rejection candle print, it faces additional weakness in the new week. This view remains valid as long as the pair can trade and hold below its key resistance zone at 1.1459/94 level. Support lies at the 1.1300 level where a violation will aim at the 1.1300 level. A break of here will aim at the 1.1250 level with a turn below that level targeting the 1.1200 level. Below here will shift attention to the 1.1150 level. Conversely, resistance is comes at 1.1400 level with a cut through here opening the door for more upside towards the 1.1459 level. Further up, resistance lies at the 1.1500 level where a break will expose the 1.1550 level. All in all, EUR remains biased to the downside after failing at 1.1494 level the past week

AUDUSD: AUDUSD took back its intra day gains to close slightly lower on Monday leaving risk of more weakness on the cards. While the pair can trade and hold below the 0.7363/81 levels, we think more weakness should occur towards its support at 0.7197. On the upside, resistance lies at the 0.7300 level. A cut through here will turn attention to the 0.7350 level and then the 0.7400 level where a violation will set the stage for a retarget of the 0.7450 level. On the downside, support resides at the 0.7200 level where a breach will aim at the 0.7150 level. Below that level will set the stage for a run at the 0.7100 level with a cut through here targeting further downside pressure towards the 0.7050 level. On the whole, AUDUSD continues to retain its long term downside pressure.

GBPUSD: GBP continues to hold on to its downside bias failing at the 1.5505 level to close lower on a rejection candle on Tuesday. While it remains below the 1.5508 level and its 200 EMA, our bias remains to the downside. Resistance resides at the 1.5508 level. A violation of here will clear the way for a run at the 1.5550 level. Further out, resistance resides at the 1.5600 level followed by the 1.5500 level. Its daily RSI is bullish and pointing higher suggesting further strength. Conversely, support comes in at the 1.5400 level with a break of here turning attention to the 1.5350 level. Further down, support lies at the 1.5300 level. Below here will set the stage for more weakness towards the 1.5250 level. On the whole, GBP faces the risk of further upside pressure.

AUDUSD: The pair remains weak and vulnerable to the downside triggering further weakness during Wednesday trading session today. This is coming on the back of its failed recovery attempt on Tuesday. On the downside, support comes in at the 0.7197 level where a breach will aim at the 0.7150 level. Below that level will set the stage for a run at the 0.7100 level with a cut through here targeting further downside pressure towards the 0.7050 level. Its daily RSI is bearish and pointing lower suggesting further weakness. Conversely, resistance resides at the 0.7300 level where a break if seen will threaten further upside towards the 0.7381 level. A violation will set the stage for a retarget of the 0.7450 level. On the whole, AUDUSD continues to retain its short term downside bias.